Fintech startup OppFi announces share repurchase programme

OppFi Inc., financial technology platform that powers banks to help everyday consumers gain access to credit, has announced that its Board of Directors has authorized a share repurchase program that permits the Company to purchase up to an aggregate of $20 million of its Class A common stock. The authorization will expire in December 2023.

Todd Schwartz, Executive Chairman and Co-Founder, OppFi: “While our primary focus is to deploy capital to drive incremental growth and investment into the OppFi platform for product enhancements, new technology, and a superior consumer experience, this repurchase program is designed to provide the Company with an effective means to also support our stockholders when our share price becomes disconnected from what our Board believes to be our long-term value and future earnings potential. We look forward to working with OppFi’s leadership team and supporting the Company’s platform vision to deliver long term value creation and growth for our shareholders.”

Neville Crawley, Chief Executive Officer, OppFi:  “OppFi continues to focus on driving profitable growth in 2022 while making smart, incremental investments into our platform. We believe this will position the Company to grow market share and further its mission to provide best-in-class credit access to millions of consumers,” said

Repurchases under the program may be made from time to time, on the open market, in privately negotiated transactions, or by other methods, at the discretion of the management of the Company and in accordance with the limitations set forth in Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, and other applicable legal requirements.

The timing and amount of the repurchases will depend on market conditions and other requirements. The program does not obligate the Company to repurchase any dollar amount or number of shares and the program may be extended, modified, suspended, or discontinued at any time.

 For each share of Class A common stock that the Company repurchases under the program, Opportunity Financial, LLC, the Company’s direct subsidiary, will redeem one Class A common unit of Opportunity Financial, LLC held by the Company, decreasing the percentage ownership of Opportunity Financial, LLC by the Company and relatively increasing the ownership by the other members.

www.oppfi.com